Latest Happenings
Green Sapphire Holdings, Inc. Files for Bankruptcy
On May 14, 2025, Green Sapphire Holdings, Inc. filed for bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois.
Green Sapphire’s debts include $235,891.25 owed to the law firm of Halloran, Farkas & Kittila LLP, which, until recently was representing Green Sapphire in the Delaware Court of Chancery. However, in light of this debt, counsel moved to withdraw from their representation of Green Sapphire. Plaintiff Global Capital Partners alleged in opposing counsel’s withdrawal that it was “only the latest tactical maneuver by Green Sapphire designed to achieve what the Court has twice denied–no trial of this action until after the Villa Mona permit will have expired.” See ¶ 2. Global Capital further alleges that, “Green Sapphire has repeatedly sought to delay the trial date. Alpha Carta entered this case for that very purpose. Both Green Sapphire and Alpha Carta are two units in the family office of a man named Thane Ritchie. The intention of Thane Ritchie’s companies is evident: to avoid discovery and run out the clock on this expedited action.” See ¶ 10. (emphasis added).
Vice Chancellor Laster Granted With Modifications the Motion to Withdraw, ordering Green Sapphire to obtain new counsel by May 16, 2025 on pain of default. Instead, Green Saphire went to the Northern District of Illinois and filed for bankruptcy, thereby invoking the automatic litigation stay pursuant to 11 U.S.C. § 362 with respect to the Delaware litigation.
On May 20, 2025, Green Sapphire filed a Motion for Extension of Time to file bankruptcy paperwork in the Bankruptcy Court, arguing that “litigation in multiple venues” has “left [Green Sapphire] drowning in a procedural morass.”
On May 22, 2025, Global Capital Partners filed a Motion for Relief from Stay to lift the bankruptcy stay with respect to the Delaware lawsuit. The Motion was supported by 500 pages of exhibits.
On May 29, 2025, Global Capital followed up with a Motion to Dismiss (with Prejudice) Green Sapphire’s bankruptcy as having been filed in bad faith. Again, the Motion is supported by hundreds of pages of exhibits.
The hearing scheduled for June 3, 2025 at 1:00 pm CDT in Courtroom 680 before Judge Cox in the Bankruptcy Court for the Northern District of Illinois should be interesting.
Inventory of Court Cases
- Here is a list of cases where a Ritchie where a “Ritchie” entity was either the Plaintiff or Intervenor.
- Here is a list of cases brought against “Ritchie” entities.
Select Case Opinions
- United States v. Ritchie Capital Management, L.L.C., No. 21-2973 (8th Cir. 2023)
- Ritchie Capital Management LLC v. BMO AHarris Bank, N.A.</i>, No. 16-1968 (8th Cir. 2017).
- Ritchie Capital Management v. JP Morgan Chase & Co., No. 18-1130 (8th Cir. 2020).
- Ritchie Capital Management II SEZC v. PCI LLC, No 18-1130 (8th Cir. 2020)
- Ritchie Capital Management LLC II v. 11 LLC, No. 14-1154 (8th Cir. 2015)<
- Ritchie Capital Management, L.L.C. et al v. Coventry First LLC, et al, No. 1:2007cv0394 – Document 102 (S.D.N.Y. 2016)
- Ritchie Capital Management, LLC v. McGladrey & Pullen, LLP, 2020 IL App (1st 180806
- Ritchie Special Credit Investments, Ltd; Rhone Holdings II, Ltd.; Ritchie Capital Management SEZC, Ltd., formerly known as Ritchie Capital Management, Ltd. v. JPMorgan Chase & Coi.; JPMorgan Chase Bank, N.A.; J.P. Morgan Europe Ltd.; Richter Consulting, Inc., No 21-2707 (8th Cir. 2022).
- Ritchie Capital Management, L.L.C. et al v. U.S. Bank National Association, No 0:2015cv02092 – Document 39 (D. Minn. 2015)
- Ritchie Capital Management, L.L.C. et al v. General Electric Capital Corporation</i>, No. 1:2014cv08623 – Document 34 (S.D.N.Y. 2015)
- Ritchie Capital Management, L.L.C. et al v. Coleman et al, No. 0:2023cv00270 – Document 32 (D. Minn. 2012)
- Ritchie Capital Management, Ltd. et al v. Costco Wholesale Corporation, No. 0:2017cv01664 – Document 36 (D. Minn. 2017)
- Ritchie Capital Management, L.L.C. et al v. Jeffries et al, No. 0:2010cv00668 – Document 114 (D. Minn. 2012)
- Ritchie Capital Management, L.L.C. v. Opportunity Fiunance, L.L.C. et al, No. 0:2013cv02803 – Document 50 (D.Minn. 2014)
- Ritchie Multi-Strategies Global, LLC v. Huizenga Capital Management, LLC, 2019 IL App (1st) 182664
- Ritchie Capital Management LLC v. Reservoir Capital Partners, LP et al, Case No. 1:2015cv08021 – Document 74 (NDIL 2016)
- Ritchie Capital Mgmt., LLC v. Kelley, No. 14-2482 (8th Cir. 2015)
- Ritchie Capital Management LLC et al v. Fredrikson & Byron P.A. et al, No. 1:2013cv07490 – Documen t 27 (N.D. Ill. 2013)
- Ritchie Capital Management, L.L.C. v. John Kermath, Case No. 15-C-8021 (NDIL 2015)
- Ritchie Capital Management LLC et al v. Lancelot Investors Fund Ltd and General Electric Company, Grand Court (Cayman Islands) 2020
- Ritchie Capital Management, LLC v. Stoebner, No. 14-1154, (8th Cir. 2015)
- Ritchie CT OPPS, LLC v. Huizenga Managers Fund, LLC
- In re Semgroup Energy Partners, L.P., Securities Lititigation, Case No. No. 08-MD-1989-GKF-FHM (N.D. Okla. Apr. 30, 2010).
- RITCHIE SPECIAL CREDIT INVESTMENTS LTD II SEZC v. JPMORGAN CHASE CO (2022)United States Court of Appeals, Eighth Circuit. RITCHIE SPECIAL CREDIT INVESTMENTS, LTD.; Rhone Holdings II, Ltd.; Ritchie Capital Management SEZC, Ltd., formerly known as Ritchie Capital Management, Ltd. Plaintiffs – Appellants v. JPMORGAN CHASE & CO.; JPMorgan Chase Bank, N.A.; J.P. Morgan Europe Ltd.; Richter Consulting, Inc. Defendants – Appellees
- Final Report of Louis J. Freeh, In re SEMCRUDE, L.P., et al, Case No 08-11525, United States Bankruptcy Court for the District of Delaware, Chapter 11